Wholesale volumes grew by around 20% in March 2026; retail volumes increased by 28.7% on a YoY basis. For FY2026, the 2W domestic volumes grew by around 11%. 

ICRA estimates 2W domestic volume growth to moderate to 3-5% YoY in FY2027, constrained by a higher base and a weak monsoon outlook, even as demand is expected to remain supported by GST rationalisation led improvement in vehicle affordability.

Source: SIAM data (excludes e2Ws), ICRA Research